Copper

Copper futures bottomed around the $4.45-per-tonne mark as disappointing services PMI data from China prompted some profit-taking after a rally that drove prices to a six-week peak last week. Still, fundamentals in the copper complex continue to be supported by prospects of solid demand amid easing coronavirus-induced restrictions and pledges for more stimulus in top consumer China. On top of that, investors grew optimistic that the United States would cut tariffs on Beijing that were put into place by former President Donald Trump. Historically, Copper reached an all time high of 5.02 in March of 2022. Copper futures are widely traded on the London Metal Exchange (LME), at the COMEX and on the Multi-Commodity Exchange in India. The standard contract is 25,000 lbs. Copper is the third most widely used metal in the world. Chile accounts for over one third of world’s copper production followed by China, Peru, United States, Australia, Indonesia, Zambia, Canada and Poland. The biggest importers of copper are China, Japan, India, South Korea and Germany. Copper market prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our copper market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.

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